An Inflation Puzzle

A common story about the recent inflation surge in the United States--especially among members of Team Transitory--is that the surge is largely due to global supply shocks, such as rising energy prices, chip shortages, and various bottlenecks in the wake of the worldwide pandemic. Why then do we not see a similar inflation surge in Japan? There, inflation...

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My Latest

Click here to read my new working paper, Government Debt and Capital Accumulation in an Era of Low Interest Rates.

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Webinar Tomorrow

Tomorrow, I will be giving a webinar on the 40-year decline in real interest rates. If you are interested, click here.

Mar 2022

Government Debt and Capital Accumulation in an Era of Low Interest Rates

I spoke at a Brookings panel today on the topic in the title of this post. Here you can watch my presentation. I am the first speaker. 

Mar 2022

Mr. Pigou, Meet Mr. Putin

Harvard's Ricardo Hausmann says a large tax on energy imports from Russia is a policy worth considering, perhaps better than an embargo.

Mar 2022

A Great Question

 ...from Jon Steinsson:Imagine going 3 years back in time and asking any Fed official what they would do if CPI inflation was 7.9% (and core CPI inflation 6.4%). Does "We will raise rates by 25bp" sound plausible?Could add to the question: And the unemployment rate is 3.8 percent.

Mar 2022

Links Regarding Ukraine

 1. A powerful speech by Ukraine's president.2. A heartfelt plea from economist Yuriy Gorodnichenko.

Feb 2022

My Heart is Breaking

I was born in New Jersey, grew up in New Jersey, and have spent most of adult life in Massachusetts, but I have always felt a kinship with Ukraine. All four of my grandparents were born there. They left as teenagers early in the 20th century, before World War I and the Russian Revolution made a return to their homeland untenable. I grew up attending...

Feb 2022

An Upcoming Interview

On March 3, I will be interviewed by my old friend Linda Ghent. Click here if you are interested in attending this virtual event.

Feb 2022

Econ Theory Summer Camp

Graduate students with an interest in economic theory and/or international trade should look into this opportunity, run by my colleague Eric Maskin.

Feb 2022